2. Pozavarovalnica Sava, d. d. Financial Report 1-6 2012 August 2012

3. 1-6 2012 Consolidated Results 3 Sava Re Group1-6 20111-6 2012Plan 2012 % Change 1-6 12/1-6 11 Plan/actual Net profit (EUR)3.990.77510.304.21110.588.677158,2%97,3% Net combined ratio S&P97,4%96,1%97,8%-1,3 o.t.-1,7 o.t. ROE2,6%6,6% +4,0 o.t. 31.12.201130.6.201231.12.2012 Equity (EUR)148.080.050164.066.369166.426.25410,8%98,6%

4. 1-6 2012 Results: Sava Reinsurance Company 4 Sava Reinsurance Company1-6 20111-6 2012Plan 2012 % Change 1-6 12/1-6 11 Plan/actual Net profit (EUR)4.220.4024.582.3519.597.5358,6%47,7% Net combined ratio S&P90,4%94,1%97,3%+3,7 o.t.-3,2 o.t. ROE2,7%2,8%5,7%+0,1 o.t.-2,9 o.t. 31.12.201130.6.201231.12.2012 Equity (EUR)158.454.528166.794.919172.376.9065,3%96,8%

5. Pozavarovalnica Sava, d. d. Financial Report Sava Re Group 1-6 2012

6. The Sava Re Group 6 After the reporting date, Sava Reinsurance Company purchased minority interests and is at the time of preparing this presentation sole owner of Tila.

7. Structure of Results 7 *The operating result and the investment result do not include data relating to policyholders who bear the investment risk. cumulative

8. 1-6 2012 Results: Premiums & Ratios 8

9. 1-6 2012 Results: Reinsurance Business 9 **Figures are unconsolidated and net of tax.*The Other item includes other income, expenses for bonuses and rebates and other expenses. cumulative

10. 1-6 2012 Results: Non-life Insurance Business 10 ** Figures are unconsolidated and net of tax.*The other item includes: other income, expenses for bonuses and rebates and other expenses. cumulative

11. 1-6 2012 Results: Life Insurance Business 11 ** Figures are unconsolidated and net of tax.* The other item includes: other income, expenses for bonuses and rebates and other expenses. cumulative

12. 1-6 2012 Results: Consolidated Expenses 12 EUR1-6 20111-6 2012 % Change 1-6 12/1-6 11 NET OPERATING EXPENSES 41.914.58142.410.3891,2% Acquisition costs including change in DAC 25.067.54728.514.14713,7% Other operating expenses 18.355.89215.387.720-16,2% Income from reinsurance commission -1.508.858-1.491.478-1,2% The increase is a combined effect of portfolio growth and a favourable loss burden for the reinsurance portfolio as well as of increased commissions.

13. 1-6 2012 Results: Net Profit by Group Company 13 EUR1-6/20111-6/2012 Sava Re4.220.3994.582.348 Zavarovalnica Tilia768.3943.125.041 Sava osiguranje-587.362151.995 Illyria-68.581-31.539 Sava osiguruvanje-977.699-669.789 Sava Montenegro-74.449378.702 Illyria Life76.196 = 75.552 Sava Life-524.322-135.122 Velebit osiguranje-906.542-379.053 Velebit Life-315.999-352.324 Ostale družbe-73.008350.706 Zavarovalnica Maribor2.339.2003.102.592 Moja naložba114.548105.102 Total3.990.77510.304.211

14. 1-6 2012: Sava Re Group Investments 14 * The other item includes loans, land and buildings and other. 409,3 million EUR 380,3 million EUR +8% - 2% +11% - 49% +13% - 6% -14% +23% -Increased share of deposits as a result of a larger share of call deposits. -Increase in corporate bonds due to decision to purchase covered bonds and other highly-rated corporate bonds, and foreign government guaranteed bonds. -Reduced share of government bonds partly because of maturity of Slovenian government bond. -Reduced share of shares due to impairment losses. -Reduced share of mutual funds as a result of decision to sell them.

15. Investments by issuer credit rating 15 Investments by region Investments by IFRS categories 1-6 2012 Results: Investments of the Sava Re Group *Investments do not include strategic investments, deposits with cedants nor investments for the benefit of policyholders who bear the investment risk.

16. Investments by issuer 16 Issuer: financial institutions 1-6 2012 Results: Investments of the Sava Re Group Issuer: government *Investments do not include strategic investments, deposits with cedants nor investments for the benefit of policyholders who bear the investment risk. The "Other" item includes: business, investment property and strategic investments. Financial institutions include: banks incl. savings banks, insurance companies, mutual funds and other financial institutions.

17. 1-6 2012 Results: Consolidated Statement of Financial Position 17 +32% +7%+11% EUR31.12.201130.6.2012 % Change 1-6 12/1-6 11 ASSETS582.037.025645.586.48210,9% Financial investments in associate companies49.085.00754.471.24411,0% Financial investments325.188.363349.138.9827,4% Funds for the benefit of policyholders who bear the investment risk 24.138.95725.787.3216,8% Reinsurers' share of technical provisions21.608.38131.232.93044,5% Receivables86.266.849111.973.47629,8% EQUITY AND LIABILITIES582.037.027645.586.48210,9% Equity148.080.052164.066.36910,8% Subordinated liabilities31.220.81731.230.5920,0% Technical provisions320.875.142362.989.30413,1% Technical provisions for the benefit of life insurance policyholders who bear the investment risk 23.673.42325.108.9836,1% Liabilities from operating activities41.486.02445.379.5879,4%